Did SPX just X wave? 🤔💡
In connecting ABCs; an X wave will commonly retrace 0.618 from A to C which will often rise to the area of the previous lower degree B wave and this is pretty much what is on the chart.
Currently SPX is just shy of 0.618 but it has found resistance and printed a fakeout reversal through the 200DMA.
RSI topped in this area before and could be a clue and although there has been bullish divergence this can be realised in printing the X wave that may now be complete or near completion.
If it does carry on down then at this trajectory next ABC 1:1 target is 3856, though it could of course pick up pace and find a lower fib.
Not advice.
In connecting ABCs; an X wave will commonly retrace 0.618 from A to C which will often rise to the area of the previous lower degree B wave and this is pretty much what is on the chart.
Currently SPX is just shy of 0.618 but it has found resistance and printed a fakeout reversal through the 200DMA.
RSI topped in this area before and could be a clue and although there has been bullish divergence this can be realised in printing the X wave that may now be complete or near completion.
If it does carry on down then at this trajectory next ABC 1:1 target is 3856, though it could of course pick up pace and find a lower fib.
Not advice.
Comment:
For deep posts on SPX check @NoOneWhoIsSomeone, - very good.
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